Serious cracks began to form in Sam Bankman-Fried’s crypto empire one year ago.

Within six days, FTX went from being the second largest crypto exchange to a bankrupt entity with an alarming $8 billion in customer deposits unaccounted for.

This would all come to light in the months after FTX’s fall. Rigorous investigations, led by the current FTX CEO, John J. Ray III — made famous by Enron — were corroborated by testimonies from employees and key members of Bankman-Fried’s team during his October 2023 trial.

Ex-Alameda CEO Caroline Ellison claimed he demanded seven falsified versions of Alameda’s real balance sheet. Bankman-Fried disputed this in his testimony, claiming that…

Read more on Blockworks